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Percentage of profit

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(Querist)
21 January 2016 Assessee books of accounts rejected and profit percentage is determined @ 20%. It is first year of business. Assessee is in appeal. What should be the correct profit as laid down by Court.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
21 January 2016 there is no % of profit laid down by any court. it all depends on the facts of the instant case.
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